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NIO Inc. (NYSE:NIO) shares are trading lower on Friday.
A supplier statement reportedly suggested that NIO is constructing two new vehicle assembly plants, named F3 and F4.
Miracle Automation Engineering revealed that it has secured the contract for NIO’s F3-1 final assembly mainline conveyor project, reported CnEV Post.
This project represents a further deepening of its partnership with NIO, following the F4 assembly conveyor line project.
According to Benzinga Pro, NIO stock has lost over 72% in the past year. Investors can gain exposure to the stock via KraneShares MSCI China Clean Technology Index ETF (NYSE:KGRN) and KraneShares Electric Vehicles and Future Mobility Index ETF (NYSE:KARS).
The latest project will integrate AGVs and automated workstations into an island assembly line, building on the traditional final assembly conveyor line to advance logistics automation.
Nio currently operates two vehicle assembly plants in Hefei, Anhui province, known as F1 and F2.
On June 5, Reuters reported that Nio had started construction on a third plant, F3, to support its newly launched affordable car brand, Onvo. Nio co-founder and president Qin Lihong later confirmed the report, stating that the new factory is being built at NeoPark in Hefei.
Yesterday, Shanghai-based Nio delivered 20,498 vehicles in July, including 11,964 SUVs and 8,534 sedans.
This marks a 3.3% dip from its June delivery numbers and a meager 0.2% rise from its sales in July 2023.
Price Action: NIO shares are trading lower by 2.46% to $3.96 at last check Friday.
Photo via Shutterstock
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